Hyundai Motors announced today that it started the construction of a brand-new EV factory in Ulsan, South Korea. The investment amounts to $1.52 billion and it’s the company’s first South Korean factory in 29 years. The plant should be ready by 2025 and will start producing EVs exclusively in 2026. Since Hyundai encompasses Hyundai, Kia and Genesis, it’s no surprise that the first EV model to roll out of the plant in 2026 will be a Genesis-branded SUV. The production capacity of the factory is said to be 200,000 units per year. This will add to the already existing capacity of… Read more…